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UK ASB guidance on applying 'carved out' IAS 39

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03 Jan 2005

Following the 'carve outs' in the version of IAS 39 adopted by the European Commission in November 2004, the Accounting Standards Board has issued Guidance on the Application of IAS 39 by Entities Preparing their Financial Statements in Accordance with EU-Adopted IFRSs.

The guidance is intended for entities in the UK and the Republic of Ireland, though many of the issues addressed have EU-wide application. The guidance covers hedge accounting, fair valuing financial assets, fair valuing financial liabilities, and transition. Commenting on the guidance Ian Mackintosh, Chairman of the ASB said:

We set out to give simple and straightforward advice on the carved out IAS 39. Unfortunately, we have found the situation to be complicated and sometimes unclear. Consequently our guidance is much more lengthy and inconclusive than we hoped and will need to be studied carefully by preparers.

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